Newcastle-based investment fund, TOC Property Backed Lending Trust, is highlighting its role in the levelling up of the North of the UK under its new name, Develop North PLC (Develop North).
Since its launch in 2017, the London Stock Exchange-listed fund has supported the development of 31 residential and commercial projects, across the North East of England and Scotland with a combined value of £66m and an estimated £160m Gross Development Value (GDV).
As Develop North, the fund aims to attract investors and property developers of all sizes, looking to contribute to the economic regeneration of the North.
Managed by Newcastle-upon-Tyne-based wealth and fund management specialist, Tier One Capital (Tier One), Develop North currently has 19 schemes benefiting from Develop North loans, ranging from small scale, high value executive homes to larger developments of more than 140 properties.
The Develop North PLC brand was unveiled at Bede Home’s Bill Quay development in Gateshead, which was supported by lending from the fund, by fund Chairman John Newlands, Tier One Chief Executive Ian McElroy and Joe Docherty, Managing Director of Bede Homes Ltd.
John Newlands, Chairman of Develop North PLC, said: “The fund’s new name gives a clear signal of its Northern UK credentials and aspirations.
“Since its launch in 2017, the fund has allowed regional developers the opportunity to bring forward schemes which have added to the broader availability of housing and commercial premises.
He added, “Such projects contribute to unlocking the potential of the North. We look forward to working with more developers, creating a shared commitment to enhance communities and economies across the North.”
Ian McElroy, Chief Executive of Tier One, the investment adviser, and fund manager to Develop North, said: “We have built a strong portfolio of projects in areas such as Tyneside, County Durham and Tees Valley and currently have loan facilities worth a combined £32m supporting the development of schemes in these areas and across the North.
“We have an active pipeline of new projects and an outlook for continued growth, which we are confident will be enhanced by the Develop North banner, bringing greater focus to the fund’s commitment to the region.”